July 11, 2011
Lighting Science Group’s CEO Asks Congress Not to Roll Back Light Bulb Energy Efficiency Standards
SATELLITE BEACH, Fla., July 11, 2011 /PRNewswire/ -- Lighting Science Group Corporation (OTC: LSCG) Chairman and Chief Executive Officer Jim Haworth issued the following statement regarding the movement to pass the Better Use of Light Bulbs Act, H.R. 2417:
"Energy efficiency is the most powerful and cost-effective tool for achieving a sustainable future. Improvements in energy efficiency can reduce the need for investment in energy infrastructure, cut fuel costs, increase competitiveness, improve consumer welfare, and significantly reduce greenhouse gas emissions."
"Lighting is the low-hanging fruit in reducing energy consumption: it accounts for 19% of the world's energy use - and in the United States, 22%; public and commercial buildings represent 60% of the power used for lighting; up to 80% of offices are lit by outdated and inefficient systems; and lighting accounts for 15% of household electricity use. There are 4.4 billion traditional light sockets in the United States alone offering a rapid and practical path for billions of dollars in energy savings through the installation of more efficient lighting."
"Lighting Science Group and other companies are producing lighting products today that deliver on the promise of ultra-efficient and long lasting LED technology and we are saving consumers, businesses and governments significant amounts of money."
"Last month, Lighting Science Group celebrated a monumental U.S. technological achievement -- becoming the first United States company to manufacture 2 million LED bulbs in less than a year. These 2 million bulbs will save Americans approximately $34 million in electricity cost or over 280 million kilowatt hours over the course of a year, which equals the: annual greenhouse gas emissions from over 38,000 passenger vehicles or the CO2 emissions from the electricity use of over 24,000 homes for one year."
"Lighting Science Group is a shining example of how American businesses can innovate and compete while creating jobs here in the U.S. A year ago, the company had 100 employees here in Florida, now we have 350."
"It is unfortunate some in Congress want to roll back energy efficiency standards signed into law by President George W. Bush that are designed to increase the efficiency of light bulbs by at least 25%. Doing so will inevitably increase energy bills, stifle innovation that is creating U.S. jobs and increase air pollution that harms human health and the environment. Congress should reject efforts to repeal these standards."
About Lighting Science Group
Lighting Science Group Corporation (OTCBB: LSCG) designs, develops, manufactures and markets LED lighting solutions that are environmentally friendlier and more energy efficient than traditional lighting products. Lighting Science Group offers retrofit LED lamps in form factors that match the form factor of traditional lamps or bulbs and LED luminaires for a range of applications including public and private infrastructure for both indoor and outdoor applications. Lighting Science Group's Advanced Projects Group business unit designs, develops and manufactures custom LED lighting solutions for architectural and artistic projects. Lighting Science Group is headquartered in Satellite Beach, Florida; the Company's European operations are based in Middelburg, The Netherlands; and, the Company has a sales office in Sydney, Australia. Lighting Science Group employs approximately 600 workers building lighting products from domestic and imported parts. Lighting Science Group is a Pegasus Capital Advisors portfolio company. More information about Lighting Science Group is available at www.lsgc.com.
Forward Looking Statement. Certain statements in this press release may constitute "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements concerning the performance of LSG and its products and/or use terminology such as "anticipate," "assume," "believe," "estimate," "expect," "goal," "intend," "plan," "project," "seek," "target" and variations of such words and similar expressions. Such statements reflect the current view of LSG with respect to future events and are subject to certain risks, uncertainties and assumptions. Known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contemplated by these statements. In evaluating these statements, you should carefully review the risk factors detailed under "Risk Factors" in our most recent filings with the Securities and Exchange Commission that may cause our actual results to differ materially from these forward-looking statements.
SOURCE Lighting Science Group Corporation